Showing posts from September, 2020

Why expats send money?

            My first blog discussed the future of remittances. This second short read is part one of two. Part one, is about what motivates people to send money across borders. Next week, part two will focus on the ways in which people send money, why they want those methods to change and how Bayfikr will change it.   Behind every Dollar, Pound, Dirham, or Euro sent by individuals, to individuals, across borders lies two basic reasons: i) Love and ii) Responsibility. This is obvious. Many expats have family and friends back home who rely on them financially. They send money to them out of love. Other expats fulfil their responsibility by sending money to honour a commitment, settle a due or pay a bill. What is not so obvious however is that depending on which social strata you belong to, the reasons for sending money vary significantly. And this difference is remarkably similar across geographies based on a survey we carried among expats from Australia to Canada. Introducing Sara